If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • HDFC Car Loan Eligibility Calculator is Rated as "Excellent!" by 7644 Users

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    HDFC Car Loan Eligibility Calculator

    An Overview about HDFC Car Loan

    HDFC has attractive car loan offers for new and used cars. It has appealing interest rates, easy repayment tenures and large loan amounts. Customers can avail of three different car loans to suit their needs. You can avail of a loan for:

    • New Car
    • Pre-Owned Car
    • Loan Against Car

    HDFC offers car loans that finance 100% of your cost to purchase the car. Repay the loan over 7 years. You can check if you are eligible for a car loan in a minute and be approved of one in half an hour. Enjoy fixed interest rates and stability of your EMI every month. HDFC aims at making the process fast and hassle-free for their customers. With low down payments, competitive pricing, transparency and deals offered to customers, this car loan stands out as one of the best offers. HDFC ensures that there are no hidden charges in the loan process which makes customers happy with the clarity of the loan amount and applicable fees.

    HDFC also has tie ups with a number of authorised pre-owned car dealers to provide loans to customers seeking used cars. Get fast approvals and doorstep service with this loan. The car should not be older than 7 years for private use, and 6 years for commercial use.
    And even if you don’t have income documents to present, the bank has a car loan that makes it even more easier for you. The HDFC Loan Against Car Loan gives you an interest rate lower than 2% on a personal loan. You can get a maximum loan amount based on the value of the car.

    HDFC Car Loan Eligibility

    The HDFC car loan is offered to salaried individuals as well as self-employed businessmen. Your eligibility for a car loan is based on a number of factors such as your age, income and whether the bank can be sure you are capable of repaying the loan. You are also required to submit documentation that can support your identity, age, address and income claims.

    Apply for Car Loan Online

    New cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,80,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    2 years in business

    Rs. 60,000 for standard cars.

     

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Partnership Firms

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Private Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Public Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

     

    Pre-owned cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    25 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Public Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

    Loan against car

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    65 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

     

    HDFC Car Loan Documentation required

    In order to complete the eligibility process, you need to submit documentation to prove your identity, age, address and income. The following are the documents you will need.

    • ID proof -
      • For salaried individuals and businessmen: Any official document that can be used to identify yourself such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card.
      • For Partnerships: Partnership deed
      • Private Limited Companies: Memorandum and Articles of Association / Certificate of incorporation
    • Age proof - Any official document that can be used to verify your age will suffice such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card, employer certificate or ID, School or College leaving certificate.
    • Address proof - You are required to prove your place of residence through a ration card, driver’s licence, Passport, telephone bill, electricity bill, credit card statement with a copy of your credit card, or an employer’s certificate.
    • Signature proof - The bank also needs to verify your signature as it appears on your passport, driver’s license, credit card statement, banker’s verification, copy of margin money paid to the bank.
    • Income proof
      • For salaried employees, you need to present your latest salary slip with the latest Form 16/ Latest Income tax returns. You can submit the HDFC bank corporate salary account statement for the last 3 months for salaries above Rs. 8,000.
      • For businessmen, you need the latest/previous year’s Income tax returns with the advance tax paid challan or the latest IT assessment order.
      • For Partnership,Private and Public Limited Companies, you need the latest ITR and balance sheet along with Profit and Loss account.
    • In case you are transferring your loan, you need to submit the foreclosure statement from the previous bank.
    • The repayment schedule for 9 months for personal vehicle, and for 12 months for commercial vehicles.

    Factors Affecting HDFC Car Loan Eligibility

    Your HDFC Car Loan Eligibility can be affected by a number of factors. A few have been listed below.

    CIBIL score - CIBIL score is your credit score assigned by the Credit Information Bureau Limited. A high credit score could make your loan process easy and smooth. A low credit score could prove difficult to secure a loan.

    Age - You can get a loan only when you reach the age of 21 years. The maximum age poses a greater obstacle. You must finish the repayment period by the age of 65 years. This is where age can affect your eligibility.
    Income - The loan amount you are seeking to purchase your car may not always be the same as what you are eligible for. Your loan amount depends greatly on how much income you can show. If you end up being short on the eligible income scale, you can add on your immediate family member’s income to compensate the difference.

    Debt - Any debt you already have might affect your eligibility. Your debt-to-income ratio is a very important factor while taking out a major loan. If you already have another loan, or credit card debt, this could significantly reduce your eligible loan amount or total eligibility.

    How CIBIL Score affects HDFC Car Loan Eligibility

    Your CIBIL score is determined by the Credit Information Bureau (India) Limited which has come to play a very crucial role in India’s Financial System. CIBIL collects and stores all information related to your credit history like credit cards, loans, payments, defaults, spending patterns, and so on. A number of things could negatively affect your score like defaulting on your EMIs or minimum due payments. A lower score reduces the amount of loan you are eligible for. In extremely bad situations, you might not be eligible for a loan at all. You will need to build your score back through a long process. So it is important when you take credit from banks and financial institutions to pay your dues on time and play by the rules to ensure a good credit score for when you need it again.

    How to Increase your HDFC Car Loan Eligibility

    If you find yourself not eligible for the loan amount you are looking for, there are ways to change that.

    Pay off other debts - You will need to repay other loans and credit cards in order to increase the amount of loan you might get. Never take a personal loan right when you plan to take a big car loan or home loan in the near future. This could affect your debt-to-income ratio, and this will significantly reduce your loan amount.

    Co-applicants - You can include the income of your spouse, father, mother, son, daughter, brother and sister to increase your eligibility. They will be brought on as co-applicants of the loan even if the car is not in their name.

    Increase your credit score - Find ways to bring your credit score up. You could spend more on your credit card and pay it back ahead of time. CIBIL scores are tricky because even closing a credit card can put a ding in your score simply because your available credit limit is significantly reduced. So do your research and find ways to improve your score.

    HDFC Bank Car Loan Eligibility Calculators

    HDFC Bank offers a quick and easy eligibility calculator on its website. Simply enter your details to find out if you are eligible for a loan. You can also view the exact total cost and EMI of your car loan. You can then decide whether the loan is suitable for you and apply online. Get special discounted rates of interest when you apply for a loan online.

    You can also check your eligibility on BankBazaar.com. Enter your details and view the results of the loans you are eligible for. You can read further about the HDFC Car Loan offered and apply online directly through BankBazaar.com.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank 1.5 months back. The loan amount was 10 lakhs and the interest rate was very high here so I am planning to pre close it but the pre closer charges are very high and it can be done only after 6 months. Their service and responses was good. I had a hassle free documentation here but th processing fee is too high
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Car Loan
      "good"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC BANK and my loan experience was good. My loan amount is satisfactory and interest rate is 9.75% and it is nominal in the market. There is no hidden charges. I use to pay EMI per month and tenure period is 37month. I am satisfied with customer service. Processing fee is 5000 and it is fine. There is no option for preclosere
      Was this review helpful? 1
      , faridabad
      Reviewed on Aug 16, 2018
    • HDFC Bank Car Loan
      "Easy process to get the loan"
      0.5 4.0/5 "Great!"
      I have taken my car loan with HDFC Bank and the process was easy to get the loan. The documentation was easy and they have provided the loan on time. The rate of interest and processing charges is normal. The after loan services are also good and satisfactory.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 16, 2018
    • HDFC Bank Car Loan
      "good service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC BANK . There is no hidden charges. I use to pay EMI per month and tenure period is 5years. I am satisfied with customer service. I did not remember about processing fee. My loan experience was good. My loan amount is up to the mark and interest rate is 9% it is nominal in the market. There is no preclosure option .
      Was this review helpful? 5
      , gurgaon
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "Overall good experience"
      0.5 5.0/5 "Blown Away!"
      I have also taken a car loan with HDFC Bank and the process to get this loan is good. There were no hassles as there was minimal documentation. The rate of interest and processing charges is normal. The after loan services are also good and convenient.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank 2 days back. The loan amount was 6 lakhs and the Interest rate was 14.5% which see bit high . The tenure period was 5 years. The customer service and responses was very good. They have sanctioned the loan with the committed time. They have lot of formalities and pre closer is after 6 months here.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "on time good service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan with HDFC BANK . So far my experience is good with this bank i have not face any inconvenience at the time of documentation . Interest rate is 8.5% and it is nominal . I use to pay 14209 as EMI and processing fee is 5% on loan amount . There is no option for preclousere . My loan amount is 8.3 lakh .
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken car loan from HDFC BANK . There is no hidden charges. I use to pay 17900 as EMI per month . Customer service response is quick and smooth . Processing fee is 9000 and tenure period is 5yaer . My loan experience was good. My loan amount is 856000 and interest rate they promise me to charge 9% but they charge 9.5%. So far my experience is good with HDFC BANK .
      Was this review helpful? 0
      , allahabad
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "good service"
      0.5 4.0/5 "Great!"
      I have taken car loan with HDFC BANK and my loan experience was good i did not face any issues at the time of documentation. My loan amount is up to the mark and interest rate is 9% and it is too high compare to others.I use to pay 21000 as EMI per month including insurance and tenure period is 5years. Processing fee is 4000. There is no hidden charges. I am satisfied with customer service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from HDFC BANK and my loan experience was good i did not face any issues at the time of documentation. My loan amount is up to the mark and interest rate is fine and it is satisfactory.I use to pay 6930 as EMI per month and tenure period is 5years.There are no hidden charges. I am satisfied with the customer service.
      Was this review helpful? 1
      , tiruchirapalli
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "best services"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC BANK and my loan experience is pretty good. My loan amount is up to the mark and interest rate is it is nominal in the market. There are no hidden charges. Customer service is good i did not face any issues at the time of documentation.They did not charge for processing fee. The process was very quick no challenges faced till date.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "Best services"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan from HDFC BANK . There are no hidden charges. I use to pay 11077 as EMI per month . I am satisfied with customer service. Processing fee is 1% on loan amount and it is nominal. My loan experience was good. My loan amount is 6.8 lakh and interest rate is 8% it is nominal in the market . So far my experience is good with HDFC BANK .
      Was this review helpful? 1
      , kumbakonam
      Reviewed on Aug 14, 2018
    • HDFC Bank Car Loan
      "good"
      0.5 4.0/5 "Great!"
      I have taken car loan with HDFC BANK and my loan experience was good. My loan amount is 400000 and interest rate is 10% and it is satisfactory.There is no hidden charges. I use to pay 11236 as EMI per month and tenure period is 3years. I am satisfied with customer service. Processing fee is 1% and it is nominal in the market.
      Was this review helpful? 1
      , new delhi
      Reviewed on Aug 12, 2018
    • HDFC Bank Car Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a car loan and the process is really good. The process is fast and I got the loan on time. I am pretty happy with the customer services and response, so I not so keen about the interest rate which was around 9% for the tenure of five years.
      Was this review helpful? 2
      , pune
      Reviewed on Aug 11, 2018
    • HDFC Bank Car Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC Bank. The customer services and response is good and there are no hassles in the process. The rate of interest is of 10.3% which is on the higher side. The processing fees is also high. Else the documents was collected on time and processed.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 11, 2018
    • HDFC Bank Car Loan
      "Satisfied with the service"
      0.5 5.0/5 "Blown Away!"
      It was a easy process with HDFC Bank and I received the car loan in three to four days. I had no issues as the executive came to me and the documents was collected. The rate of interest is very good and it is around 9% and the processing fees is nominal. The tenure is for five years. I have taken a Maruti Suzuki Swift and I got 80% of the loan.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 11, 2018
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have purchased a Mahindra Thar through HDFC Bank. The experience is good for the car loan. But due to lack of document submission from my end, there was a delay in ten days. The rate of interest is of 9.5% and the processing fee is zero. The tenure is for five years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 10, 2018
    • HDFC Bank Car Loan
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      My car loan is with HDFC Bank. The overall experience is okay. The agent was not up to the mark, he delayed the process of document collection and even after that the process for the loan was delay, I got the loan after one and half month. The rate of interest is around 9.7 to 9.8% and the processing charges is of 6k. I have purchased a used i20 card and the tenure is for five years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 10, 2018
    • HDFC Bank Car Loan
      "Process and customer services are good"
      0.5 4.0/5 "Great!"
      The customer services at HDFC Bank is really good. My experience is quite comfortable for the car loan and as of now there are no issues and the process and documentation is fine. I have taken a Tata Nexon. I got 100% loan of the ex-showroom price. The rate of interest is between 8 to 9% and there was a processing fee too.
      Was this review helpful? 2
      , mysore
      Reviewed on Aug 10, 2018
    • HDFC Bank Car Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have purchased my Maruti Suzuki Wagon R through HDFC Bank. The process for the car loan is good and the documentation was taken on time and the loan disbursed on time too. The rate of interest is of 9% and the processing fee is taken from the loan, but I am not sure of the amount. The tenure is for five years.
      Was this review helpful? 3
      , guwahati
      Reviewed on Aug 09, 2018
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